Societe Generale Group Bank to Issue DLT ETN

London-based Kleinwort Hambros announced exchange traded note will be used to invest in companies that can profit with blockchain technology
08 April 2019   796

Kleinwort Hambros, a private bank and asset manager that is part of the Societe Generale group, has launched a blockchain-oriented exchange traded note (ETN) with active management.

London-based bank announced that ETN, listed in Luxembourg, will be used to invest in companies that can profit from the development and distribution of blockchain technology.

Initially, ETN will include 20 shares, distributed across technology, logistics, oil and gas, custodial and industrial sectors.

We have seen increasing interest from clients in the area of blockchain and we are very excited to be able to cater to this demand with the launch of our first blockchain note. We have built an innovative product which will provide our clients with the diversified exposure to the promising growth prospects blockchain technology offers, while maintaining the rigorous active management our clients expect.
 

John Birdwood

Portfolio Manager, Kleinwort Hambros

The product is available only to current and future customers of the bank, and the minimum investment amount in it is £ 1 000.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   332

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.